Credit Counseling Services Law and Legal Definition

According to 26 USCS § 501 (Title 26, Internal Revenue Code; Subtitle A, Income Taxes; Chapter 1, Normal Taxes and surtaxes; Subchapter F. Exempt Organizations; Part I, General Rule), “the term "credit counseling services" means--

(i) the providing of educational information to the general public on budgeting, personal finance, financial literacy, saving and spending practices, and the sound use of consumer credit,

(ii) the assisting of individuals and families with financial problems by providing them with counseling, or

(iii) a combination of the activities described in clauses (i) and (ii).”